Korea's construction production dips by most in over 26 years in Q1

South Korea's production in the construction sector declined by the most in more than 26 years in the first quarter amid industry slumps and political uncertainty caused by former President Yoon Suk Yeol's martial law bid, data showed Monday. The value of construction completed, a measure of production in the construction sector, fell 20.7 percent on-year in the January-March period, compared with a 9.7 percent on-year decline in the fourth quarter of last year, according to data by Statistics K

Won gains to 5-month high

The Korean won gained its value sharply against the greenback on Friday, reaching the 1,390 won range for the first time in five months during after-hours trading. The won against the dollar strengthened to 1,397.2 won at around 18:42 p.m., gaining value by 30 won from 1,426.9 won, the closing price of the previous after-hours trading session. Its value per dollar stood at 1,393.27 won as of 9:50 p.m. The won's appreciation came amid the gain of the Chinese yuan. With China indicating a softenin

Economic leadership vacancy intensifies uncertainty in Korea

South Korea faces heightened economic uncertainty after Finance Minister Choi Sang-mok’s abrupt resignation late Thursday, disrupting key policy initiatives that include imminent US tariff negotiations. Choi resigned Thursday night shortly after the main opposition Democratic Party of Korea filed his impeachment motion, with acting President Han Duck-soo — who had himself already announced his own resignation earlier in the day to be effective at midnight — accepting the resignation soon after.

Industry ministry to execute W981.4b of extra budget for tariff response, advanced industry support

The industry ministry said Friday it will swiftly execute 981.4 billion won ($684 million) in extra budget to support tariff-hit companies and advanced industries. With the additional budget, the Ministry of Trade, Industry and Energy will spend a total of 2.3 trillion won in 2025. The 2025 budget includes 380 billion won in trade insurance for small and medium-sized enterprises and exports of defense and shipbuilding industries amid global trade uncertainties sparked by the US administration's

Govt. reaffirms vigilant monitoring of financial markets amid political turmoil

Top economic and financial policymakers on Friday vowed to maintain round-the-clock monitoring of the financial markets amid heightened political uncertainties following the resignations of the prime minister and finance minister, the finance ministry said. The renewed pledge was made during an emergency meeting on macroeconomic and financial issues, chaired by acting Finance Minister Kim Beom-suk and attended by Bank of Korea Gov. Rhee Chang-yong, and the chiefs of the Financial Services Commis

Consumer prices rise 2.1% in April on higher food, service costs

South Korea's consumer prices grew at the 2 percent level for the fourth consecutive month in April, mainly driven by an increase in food and service costs, government data showed Friday. Consumer prices, a key gauge of inflation, increased 2.1 percent from a year earlier last month, according to the data from Statistics Korea. This follows a 2.2 percent on-year rise in January, which marked the steepest on-year increase since July, and 2 percent and 2.1 percent gains in February and March, resp

What Trump wants from the won

The chronic devaluation of the South Korean won is a subject of interest for both the Korean and US administrations — significant enough to be included in their high-stake trade negotiation. While Seoul and Washington have agreed to craft a trade package to eliminate US tariffs on Korean exports, the discussion will cover four main areas: tariffs and non-tariff barriers, economic security, investment cooperation and exchange rate policy. "The two countries' finance ministries will hold separate

Credit card spending by foreign residents in Korea jumps 65% in 4 years, hitting W56tr

Foreign residents are emerging as a significant force in South Korea’s consumer economy, contributing an estimated 56.3 trillion won ($39.3 billion) in domestic credit card spending in 2023, according to a December 2024 report by the state-run Migration Research and Training Center (MRTC). The figure, which marks a 65 percent increase from 34.1 trillion won in 2019, is based on credit card usage data provided by Shinhan Card, South Korea’s leading issuer. The report used Shinhan Card’s data to e

S. Korea's exports rise 3.7% in April; shipments to US down 6.8%

South Korea's exports gained 3.7 percent from a year earlier in April, marking a third consecutive month of increase, while outbound shipments to the United States dropped sharply on the Donald Trump administration's hefty tariffs, data showed Thursday. Outbound shipments came to US$58.2 billion last month, the highest-ever for an April, according to data compiled by the Ministry of Trade, Industry and Energy. Imports dropped 2.7 percent on-year to $53.3 billion, resulting in a trade surplus of

[Contribution] Avoid penalties, claim benefits: How NTS supports foreign taxpayers

By Choi Jae-bong There is a world-renowned football player whose exceptional positioning and goal-scoring prowess have earned him many fans here in Korea. This player, Cristiano Ronaldo, while playing in Spain as a foreign athlete, once drew international media attention not only for his athletic brilliance but also for his tax troubles. He established a shell company in the low-tax jurisdiction of the British Virgin Islands and funneled his advertising income through this entity, significantly

Seoul shares snap 3-day rise on chip, battery losses

Seoul shares closed lower Wednesday, led by a slump in tech, auto and battery stocks, as Samsung Electronics reported a sluggish semiconductor business performance in its first-quarter earnings. The Korean won surged against the US dollar. The benchmark Korea Composite Stock Price Index dropped 8.81 points, or 0.34 percent, to close at 2,556.61. Trade volume was moderate at 480 million shares worth 8.33 trillion won (US$5.86 billion), with losers outnumbering gainers 547 to 345. Institutions and

Buying apartment in Seoul now takes 24 years of full-salary saving

Buying an apartment in Seoul has become increasingly out of reach for average workers, with average home prices soaring past 1.3 billion won for the first time, according to latest data. KB Kookmin Bank’s monthly real estate report, released Monday, showed that the average price of apartments in Seoul reached 1.3 billion won ($913,500) in April, marking a 0.98 percent increase from the previous month. That figure is 2.5 times the national average of 522 million won. Experts suggest that rising c

S. Korea's tax revenue increases W5.5tr in March on higher corporate tax collection

South Korea's tax revenue increased by 5.5 trillion won ($3.8 billion) in March compared to a year earlier, driven largely by higher corporate tax collection, the finance ministry said Wednesday. The government collected 32.3 trillion won in taxes last month, compared with 26.9 trillion won in the same month last year, according to the Ministry of Economy and Finance. The rise was mainly attributed to improved business performance among corporations whose fiscal year ended in December. As a resu

Card spending climbs over 3% in Q1

Credit card spending in South Korea rose by more than 3 percent in the first three months of the year from a year earlier, data showed Wednesday. Spending made with credit, debit and prepaid cards came to 300.6 trillion won ($210 billion) in the January-March period, up 3.3 percent from the same period last year, according to the data compiled by the Credit Finance Association. During the cited period, the number of approved card settlements climbed 1.2 percent on-year to 6.85 billion cases. The

Seoul shares open tad higher on US gains

Seoul shares opened slightly higher Wednesday as investors tracked overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 1.92 points, or 0.07 percent, to 2,567.34 in the first 15 minutes of trading. Overnight, Wall Street closed higher amid investor optimism over tariff negotiations between Washington and its trading partners, as US President Donald Trump marked the 100th day of his second term in office on Tuesday. The Dow Jones Industrial Average rose 0.75 percen